The Real Deal New York

Alchemy borrows $220M for Woolworth Building conversion

Alchemy Properties took out a hefty loan to finance its residential conversion on the top floors of the Woolworth Building in the Financial District.

The company borrowed $220 million from Overseas Bank Limited, according to a news release. The money will go to fund the creation of 33 condominium units at 233 Broadway, which the firm calls the Woolworth Tower Residences.

The developers are reportedly planning to ask $110 million for the building’s penthouse. The least expensive unit there, a 1,200-square-foot apartment on the 44th floor, will have an asking price of $3.5 million.

The project’s head of sales, JP Forbes, left Alchemy late last year amid rumblings of low sales at the project, which is set to open in about 16 months.